4 Steps To Balance Your Online Business

To have more, you don’t necessarily have to become a slave to your business. Instead, take the right steps to ensure you’re always in a position of growth.

Here are a few of the steps you should be take to get there:

Invest Steadily

You’ll hear from any business expert that you should be continually investing in your business.

How much should you invest?

Where should you invest it?

If you can pull it off, taking half of your profits and pushing them back into your business should help you reach a stage of steady growth. As profits increase, your goal should be to continue to put half of it back into your business.

Depending on your business and how you want to run it, you have a few options of where to put the money:

Outsourcing

The less you personally have to do in your business, the more you can focus on what you’re best at. It’s a wise move to hire people to menial tasks that would be a waste of time if you had to do them yourself.

Most online entrepreneurs will hire virtual assistants from countries like India or the Philippines due to the low wages they’re willing to be paid.

While it’s smart to hire people that can do the things you aren’t good at, you have to be careful to avoid over-hiring. Make sure there is plenty of profit before you go hiring a bunch of assistants.

Infrastructure

Are you using shared hosting for your website? Is your video editing software the free version that came with your computer? Is there software out there that would help you get more done in less time?

If so, buy it and make it a priority.

However, it’s a delicate balance between building the righty infrastructure and wasting money on tools you’ll never use.

Avoid shiny objects and the launch of the day/week/hour. If it’s not something you can use immediately, don’t buy it.

Legal

I am not a legal expert, but I did do something smart with one of my businesses a few years ago. It may be wise for you to do what I did.

I don’t believe most of us need legal counsel on retainer, but it can be helpful to have someone to ask if something bad happens.

What you should consider doing is trademarking any major brands you’re planning on using in your business.

The only time I’d suggest getting a trademark is if you’re an information marketer or an e-commerce seller with your own brands.

Why? It allows you to control how others use your brand name. If someone buys a domain with your brand in it, you can take it from them. If someone uses your brand to market their own, you can generally have their content removed.

To see whether you should trademark your brand, reach out to a lawyer and ask. If they suggest doing it.

Advertising

This is where at least half of your budget should go. Advertising with the current state of the internet is almost mandatory.

Where you advertise is going to depend on who you’re trying to reach, but Facebook and Google aren’t your only options.

Look around at where your perfect prospect is spending their time. In nearly every market I’ve looked at, I’ve found private advertising networks that most competitors didn’t know about.

You’ll need to test numerous ads, targets, media, and networks to find a good fit for what you sell and who you’re trying to reach.

Keep Expenses As Low As Possible

While you’re trying to increase the scale of your business, it’s easy to fall into the trap of throwing money at everything you can think of. That’s bad business.

At one point, I was paying over $400 per month for varying internet business tools. My web hosting was $300 per month. It was ridiculous and mostly unnecessary.

Follow these steps to prevent yourself from wasting money:

Always look to see if there is a free or less expensive version of something before you buy.

Understand your technology needs. I was wasting over $100 per month on a high end server where a VPS (virtual private server) would have been more than enough.

If your business is mostly online, do you really need a fax machine? Probably not. Evaluate purchases on whether you need them or simply want to grab a new toy. There are far better toys than fax machines.

Outsource smarter. If you’re going to pay someone to do something for you, you don’t necessarily have to hire them full time. Most times, part time is more than enough. Even more often, you can hire out for a simple task and just pay for that task.

None of these are set in stone, so know your needs and understand your business. If you can do that, keeping expenses as low as possible is easy.

Increase Opportunities To Buy

It’s far more difficult to find new customers than it is to convince current customers to buy something they need.

The key with this is to make sure that whatever you’re offering is connected to whatever your customers have already purchased from you. It should be a logical “next step”.

Bundles

If you have a decent sized product library, creating a bundle of related products is a no-brainer. Apply a slight discount and send it as a “special offer” for your customers.

Subscriptions

If you sell any info products, software, or consumable e-commerce products, a subscription is the single best way to create recurring income for your business and an easier way for your customers to guarantee access to them.

Increased Access

If you’re a coach, trainer, or service provider, people will pay for extra access to your awesomeness. You can charge anywhere from a few hundred dollars to a few thousand to provide small group or 1-to-1 help.

Give your customers more chances to buy and they will.

Track Everything

Data is an internet entrepreneur’s most powerful weapon. By analyzing our marketing, sales, and expenses we can see what’s working and improve whatever isn’t.

How you track is up to you, but you should be tracking your visitors to see where they’re spending their time on your website.

A client of mine was getting a ton of traffic and very few sales. We discovered that he had a guide that was getting nearly 80% of his traffic. Adding a really simple call-to-action to that page instantly doubled his sales. If we hadn’t checked analytics, we never would have known what was going on.

You should be keeping a spreadsheet of monthly expenses, so it’s easy to see where your money is going. Every single expense should be listed and tracked in a way that is easy for you to understand at a glance.

The more you track and measure, the easier it is to improve the things you’re tracking.

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